Nabo, an Australia based local social network, has secured Fairfax Media as a 25% shareholder in the company, joining other major shareholders including Seven West Media and Reinventure Group (an independent venture capital firm backed by Westpac).
Nabo is a social network for neighbourhood residents to connect with each other, local organisations and councils, to find out and discuss what’s happening in their local areas, and to get to know their neighbours better. Nabo has attracted strategic partnerships with local councils and community-based organisations around Australia such as Crimestoppers NSW.
Since launching in November 2014, Nabo has expanded to operate in more than 5,800 suburbs across Australia, and has grown membership 720% since January 2015.
Nabo founder and CEO, Adam Rigby, said: “It’s a very exciting time for Nabo as we welcome Fairfax Media on-board as a shareholder. With a long established and very well regarded media presence in Australia across online, print and radio, Fairfax are a great fit for Nabo as we continue national growth over the months ahead.”
Fairfax Media Managing Director of Australian Publishing Media, Allen Williams, said: “This is a compelling investment for Fairfax. Nabo is a social network connecting people to their neighbours and broader community in a safe and friendly way. The digital business strongly aligns with Fairfax’s long history of connecting communities via hundreds of newspapers and websites across rural, regional and metropolitan areas.
“Nabo complements our investment in New Zealand’s leading local social network, Neighbourly, which has achieved tremendous growth by leveraging our large-scale audiences. We believe Nabo has similar potential in the Australian market and we look forward to working closely with the team to strengthen its offering and achieve its full potential.”